"Trump and the Republicans criticize GOP leader's proposed bill restricting stock trades"
The Senate Homeland Security and Governmental Affairs Committee has recently advanced a bill that aims to restrict members of Congress and their spouses from buying, selling, or holding individual stocks during their time in office [2][3][4][5]. Known as the PELOSI Act, this legislation, spearheaded by Senator Josh Hawley (R-Mo.), is a step closer to reaching the Senate floor.
The bill allows lawmakers to still invest in diversified mutual funds, Exchange-Traded Funds (ETFs), or U.S. Treasury bonds [4]. A related bipartisan bill, the Honest Act, also passed the committee simultaneously, extending the ban to the President and Vice President, with the provision becoming effective after the current president and vice president leave office [2][5].
However, the bill's progress is not without opposition. Senate Republicans, with the exception of Hawley, have voted against it in committee [3]. Senator Rand Paul (R-Ky.) argues that the legislation could disincentivize financially successful Americans from running for office [1]. He also described the bill as "poorly written."
Senator John Thune, the Senate Majority Leader, has expressed doubts about the bill receiving floor time given its current support [1]. Meanwhile, Senator James Lankford, as chair of the Senate Ethics Committee, notes that it's up to him to enforce the ban if the bill is passed [1].
Despite the opposition, Senator Hawley is actively pushing for the bill to reach the Senate floor immediately [3]. He argues that President Trump supports his bill and is open to making changes at the committee level [1][2]. However, the White House had initially expressed legal concerns about including the president and vice president in the ban after the bill’s negotiations advanced, but Hawley denies any direct opposition from the administration or Donald Trump [1][2].
Here's a brief summary of the current status and details of the bill:
| Status | Detail | |-----------------------------------------|------------------------------------------------------------------| | Current Status | Passed Senate committee; awaits floor vote | | Scope | Bans stock trading by Congress members and spouses; separate bipartisan bill extends ban to president, VP (effective next term) | | Opposition | GOP opposition in committee (except Hawley); Rand Paul opposes on candidate eligibility grounds; White House expressed legal concerns but no formal opposition from Trump himself | | Support | Democratic senators and Hawley support it |
As the bill moves forward, it will be interesting to see how the Senate handles this potential ban on stock trading by lawmakers. Stay tuned for updates on this developing story.
- Senator Josh Hawley's proposed bill, known as the PELOSI Act, aims to restrict members of Congress and their spouses from individual stock trading during their time in office.
- The bill permits lawmakers to still invest in diversified mutual funds, Exchange-Traded Funds (ETFs), or U.S. Treasury bonds.
- Despite the bill's progress, opposition from Senate Republicans, except for Hawley, has been observed in committee, with Senator Rand Paul arguing that the legislation could disincentivize financially successful Americans from running for office.
- The bill's future on the Senate floor remains uncertain, as Senator John Thune has voiced doubts about its receiving floor time given its current support, while Senator James Lankford, as chair of the Senate Ethics Committee, notes that it's up to him to enforce the ban if the bill is passed.
